@Demjan Van Der Kach Is your primary goal to cash out or to hold paper?

Here's my opinion:I'd start with getting a deal structure on paper:1) Agree upfront how much value you assign to his land, and agree that your shared LLC/trust (or whatever you set up) will owe him that amount when you ultimately sell.

The only thing I hate more than generic clutter, is paper clutter... so I became a landlord, since that obviously meant I wouldn’t have to deal with paper. 

I had some roaches in the room located behind my garage (it's full of boxes and roaches eat paper/boxes. 

My main concern is that I don't have any construction background and I have never rehabbed a property before so I don't have any real world experience regarding the costs associated in doing so.Once I find a deal that looks promising on paper and I physically go walk the property with my realtor how am I supposed to determine a rehab estimate without any prior experience? 

Now go make your paper boo boo!

I assume a simple short message on legal pad yellow paper in an envelope would do it, but what about postage?

Just because a place pencils out on paper doesn't mean it works if the tenants don't pay and you have to go through evictions.Go to your local REIA to see who operates in the area.

What steps do i take after closing to get CHA to pay me, what paper work do i need to present to CHA/tenant?

Below is a chart from a paper we did in 2016 showing the 5-year rental trend for conforming properties (double click the image for full size).Single FamilySelect single family homes in specific locations.